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You borrow Rs 10,000 from your friend at an interest rate of 12% compounded monthly. You agree to pay your friend Rs. 300 per month. Approximately how long will it take for you to pay off your loan assuming that you pay exactly Rs. 300 per month?
28 months
33 months
38 months
41 months
41 months
Quick Summary: Practice and solve "You borrow Rs 10,000 from your friend at an interest rate of 12% compounded monthly. You agree to pa..." for Electrical - Economics for Engineers. The correct answer is Option D: 41 months. Detailed step-by-step solution, conceptual clarity, and formulas on Examoogle.
Answer:
Option **(d) **